The U.S. dollar held steady on Wednesday but was on track for its worst monthly performance since November 2022, as President Donald Trump’s unpredictable trade policies weakened the currency and bolstered the euro, yen, and Swiss franc.

The White House has repeatedly backtracked on the broad tariffs announced by Trump in early April, which triggered a global stock market slump and drove investors away from traditionally safe assets like the U.S. dollar and Treasury bonds.